Private Clients and Asset Management

Clear progress through strategic realignment

Reliability. Spanish people are usually seen as being very passionate. This is a label, of course, and may sometimes be unreal. Personally, though, I like working with a bank that bases its activities on the concept of passion. Even more important is the fact that I see this in my daily contacts with Deutsche Bank. For me, this translates into effort, trust and strength.
Araceli Manzano, Architect, Barcelona

Prepared for growth. The Private Clients and Asset Management Group Division (PCAM) reorganized late in 2002 to comprise two Corporate Divisions: Asset and Wealth Management and Private & Business Clients. With assets under control totaling € 872 billion, PCAM is one of the world’s leading providers in this market. Diverse initiatives in 2003 enabled us to lay the foundations for stronger earning power and growth in business volume.

Income before income taxes 2003
In 2003, income before income taxes in PCAM was € 1.2 billion. The decline in revenues was mainly due to the sale of our insurance business in 2002. Our noninterest expenses fell to € 6.7 billion. The structural realignment measures completed in the reporting year contributed to the savings, despite higher severance payments in the Private & Business Clients Corporate Division. The higher total provision for credit losses at € 0.3 billion reflects the difficult economic environment in Germany throughout 2003.  

Private Clients and Asset Management1
in € m. 2003 2002
Net revenues 8,226 9,518
Total provision for credit losses 321 223
Noninterest expenses 6,734 8,080
Income before income taxes 1,172 1,215
Return on equity in % 15 15
BIS risk positions 63,414 59,490
Assets 124,606 109,394
 
1 For notes and other detailed information, see Financial Report 2003 (Management Report).